RELEASE: City Treasurer Presents at White House to President’s Advisory Council on Financial Capability for Young Americans

Visits Nation’s Capitol to Discuss Chicago’s Commitment to Financial Education

WASHINGTON, D.C. – Chicago City Treasurer Kurt Summers today attended the President’s Advisory Council on Financial Capability for Young Americans at the Eisenhower Executive Office Building on the White House Complex and presented a first of-its-kind citywide plan for making financial education resources more accessible to all residents in Chicago. Invited by council chairman John Rogers, Treasurer Summers had the opportunity to preview Chicago’s efforts for coordination among the city’s financial education providers in collaboration with sister agencies including Chicago Public Schools and Chicago Public Libraries.

Attended by Valerie Jarrett, Senior Advisor to President Barack Obama; Jacob Lew, Secretary of the Treasury; and Arne Duncan, Secretary of Education, the council meeting highlighted local commitment to financial education in Chicago and Washington D.C. To view the meeting online, please visit: http://www.whitehouse.gov/live.

“The foundation for a comprehensive, citywide financial education program exists in Chicago and today we begin working towards that goal,” Treasurer Summers said. “By coordinating efforts from community organizations to classrooms, we can help make sure our students and their families are armed with the resources they need to be empowered in their efforts to pursue a brighter financial future. I’m excited to partner with Mayor Emanuel and the President’s council as we engage Chicago’s stakeholders and continue towards financial empowerment for all.”

Led by the Treasurer’s Office, the city is working to bring all agencies and departments together, for the first time, to develop a citywide plan to make financial education accessible to all youth, parents, and community members in Chicago.

“Chicago is in the unique position to leverage its financial education resources to launch a robust program that helps the city’s youngest residents and their families,” said John W. Rogers Jr., Chair of the President’s Advisory Council on Financial Capability for Young Americans. “We applaud Mayor Emanuel and Treasurer Summers on their commitment to changing the way Chicago addresses financial education and investing for all citizens so they have the tools they need to realize their dreams.”

“With strong financial education, we build more stable communities,” Illinois Treasurer Michael Frerichs said. “We must all work together to provide the best financial literacy tools to help people plan for the future and ensure everyone has a chance to achieve the American Dream. I applaud Chicago and Treasurer Summers for leading the charge to enhance financial education resources for all residents.”

Working with the Treasurer’s Office, CPS is updating their Financial Education Guide which outlines relevant financial concepts by grade level and subject area. The updated guide will emphasize the connections between financial education and Common Core, making it easier for teachers to integrate financial education into their curriculum. It will also identify hands-on learning opportunities and high-quality resources for financial education, helping to bring the curriculum to life.

To ensure educators have what they need to implement the new Financial Education Guide, CPS and the Treasurer’s Office are working together to mobilize the necessary resources to provide specialized professional development to teachers this summer.

The Chicago Treasurer’s Office and Chicago Public Library were recently awarded a grant from the Financial Industry Regulatory Authority (FINRA) and the American Library Association to make financial education workshops and online financial education resources available at Chicago libraries. The resources will be targeted to neighborhoods with high concentrations of un- or under-banked households and new immigrants. Library staff will also be trained to help library patrons pull credit reports, prepare taxes, and use financial management tools.

More information about Chicago’s citywide financial education plan will be available in the coming weeks.

President Barack Obama created the President’s Advisory Council on Financial Capability for Young Americans on June 25, 2013 by Executive Order. The Council advises the President and the Secretary of the Treasury on how to promote financial capability among young Americans and encourage building the financial capability of young people at an early stage in schools, families, communities, and the workplace and through the use of technology.


 

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